Complete news archive

  • MiFID 2 liquidity warning

    With an important vote looming on MiFID 2 on 9 July, TABB Group believes that current proposals to reform pricing practices in the fixed income market will seriously undermine trading firms' ability to provide liquidity, increase trading costs for investors and make it more difficult and expensive for governments and companies to raise capital. In the face of Europe's already .......

    News Round-up 2 July 2012

  • SCI Start the Week - 2 July

    A look at the major activity in structured finance over the past seven days

    Pipeline
    Three transactions remained in the pipeline at the end of last week. They comprised a student loan ABS (US$21.19m Vermont Student Assistance Corporation series 2012A), an Australian non-conforming RMBS (A$300m Liberty Series 2012-1 Trust) and a catastrophe bond (Queen Street VI Re).

    Pricings
    Last week also saw prints from a variety of asset classes. RMBS was the most represented, with the .......

    News 2 July 2012

  • ARA hits Royal Mint Court

    The £72.45m Royal Mint Court loan, securitised in the Equinox (Eclipse 2006-1) CMBS, has been hit by an £82.23m appraisal reduction. The market value of the loan was £114.73m at origination in December 2005, with the new value representing a decrease of approximately 72%, resulting in a senior LTV of 223%.

    The loan is secured by four office properties located .......

    News Round-up 2 July 2012

  • CMBS servicer improvements reviewed

    Following a review of recent US CMBS modifications and liquidations, Fitch says that although servicer disclosure is improving, there is still room for improvement. The agency focused on three main items: workout alternatives, disclosure of fees and use of affiliates.

    Fitch found that the workout alternatives considered are not easily obtainable. Special servicers generally include alternatives and rationale for selection .......

    News Round-up 2 July 2012

  • Equipment criteria unveiled

    Kroll Bond Rating Agency (KBRA) has released its methodology for rating US equipment lease and loan ABS. The rating agency's analytic approach for rating these transactions incorporates the originator and servicer's operational and financial strength, the quality and expected performance of the underlying assets, and an analysis of the transaction's structure.

    KBRA's rating assignments on equipment leasing ABS are based .......

    News Round-up 2 July 2012

  • Investment pro appointed

    Stefano Loreti has joined Haymarket Financial as a partner and head of structured credit investing. He previously spent six years as senior portfolio manager at Cairn Capital in London, responsible for the management of over US$20bn in global ABS and CDO securities. Loreti has more than 15 years of experience in managing and analysing a wide range of structured credit .......

    Job Swaps 2 July 2012

  • SF trading head named

    Laila Kollmorgen has joined Raymond James Financial as head of European structured finance trading. She was previously md and head of European ABS/CDO trading at Cohen & Company and head of secondary ABS trading at BNP Paribas.

    .......

    Job Swaps 29 June 2012

  • Heavy EMEA CMBS maturities due

    Almost €2.5bn of outstanding CMBS debt - across 32 loans - falls due in July, the largest monthly volume to date in 2012, according to Fitch. Thirteen loans extended over the last year have inflated this total by €1.5bn.

    For loans maturing this month, two CMBS stand out. All five of the loans securing DECO Series 2005 - Pan Europe .......

    News Round-up 29 June 2012

  • Clearing agency rules adopted

    The US SEC has adopted rules that establish procedures for its review of certain clearing agency actions, in line with the Dodd-Frank Act. The rules detail how clearing agencies will provide information to the agency about security-based swaps that the clearing agencies plan to accept for clearing. The information is intended to aid the SEC in determining whether such security-based .......

    News Round-up 29 June 2012

  • Subprime auto ABS overheating?

    Moody's suggests that the US subprime auto lending market is beginning to resemble its condition in the 1990s, when overheated competition led to poor underwriting that drove up securitisation losses. As in that earlier period, capital is pouring into the sector and the issuance of subprime ABS is booming, the agency observes.

    "It is too early to predict whether today's .......

    News Round-up 29 June 2012

  • Prime auto losses inch up

    Following strong performance in the spring, US prime auto loan ABS losses crept up slightly last month, according to Fitch's latest index results for the sector. However, the agency reports that auto ABS performance remains on track with annualised net losses (ANL) standing at 0.18% in May, 61% below 2011's figure.

    Prime ANL moved up by 1bp month-over-month (MOM) and .......

    News Round-up 29 June 2012

  • ICE preps SDR

    The CFTC has provisionally approved ICE Trade Vault as a swap data repository (SDR) for the commodity and energy, interest rate swaps, credit default swaps and FX asset classes. The CFTC's approval of ICE Trade Vault is provisional until the agency completes final rulemakings on SDR regulations, which are anticipated later this year.

    ICE Trade Vault will initially focus on .......

    News Round-up 29 June 2012

  • CMBS loss severities dip

    US CMBS loan resolutions and loss severities cooled off in June, according to Trepp, with liquidations down by 19% from May's US$1.6bn. The average loss severity reported for this month is 38.37%, marginally lower than the 12-month moving average of 43% and a 5.5 point drop from the previous month's 43.87% reading.

    At US$1.34bn, liquidations were a notch higher than .......

    News Round-up 29 June 2012

  • CLO business development role filled

    Black Diamond Capital Management has appointed Jean Fleischhacker as senior md, business development. In her new role, Fleischhacker will lead the structuring and marketing for CLOs, other structured products and mezzanine debt, as well as head new product development.

    Fleischhacker will be based in the firm's Greenwich, Connecticut office, working alongside Michael Moreno, head of marketing and investor relations and .......

    Job Swaps 29 June 2012

  • ML3 auction completed

    The results of yesterday's Maiden Lane III auction have been released. Bank of America Merrill Lynch successfully bid for the US$578.71m Jupiter High-Grade CDO II and US$522.92m Kleros Preferred Funding assets. Credit Suisse won the US$1.33bn Jupiter High-Grade CDO III and US$607.83m Kleros Preferred Funding II collateral, while RBS took down US$98.57m of the Jupiter High-Grade CDO. Barclays Capital, Citi, .......

    News Round-up 29 June 2012

  • Collateral services unit formed

    BNY Mellon has established a new unit, dubbed global collateral services, to serve broker-dealers and institutional investors facing rapidly expanding collateral management needs as a result of current and emerging regulatory and market requirements. The unit brings together BNY Mellon's global capabilities in segregating, allocating, financing and transforming collateral on behalf of clients, including its broker-dealer collateral management, securities lending, .......

    Job Swaps 28 June 2012

  • MBS vet recruited

    Bryan Caisse has joined Performance Trust Investment Advisors (PTIA) as senior portfolio manager. He will be responsible for running a mortgage-backed fixed income portfolio and help oversee the risk of the portfolios for PTIA, while executing the company's current business strategy, including raising additional assets and building out the product lines. He will team up with PTIA president Douglas Rothschild .......

    Job Swaps 28 June 2012

  • Aurora servicing transfer reviewed

    The expected servicing transfer date for 160 US RMBS from Aurora Loan Services to Nationstar Mortgage is 1 July. Moody's confirms that the move won't result in a reduction or withdrawal of the current ratings on the affected transactions.

    In determining the credit impact of the transfer of servicing to Nationstar, Moody's reviewed: the firm's servicing practices and compared them .......

    News Round-up 28 June 2012

  • Picton CMBS refi agreed

    Picton Property Income has entered into conditional agreements for two separate long-term debt facilities, totalling £209m in aggregate, ahead of its secured loan maturities in January 2013. The transaction could provide a blueprint for future European CMBS refinancings.

    The new facilities will be provided by Aviva (£95m) and Canada Life (£114m), with LTV covenants of 65%. On completion of the .......

    News Round-up 28 June 2012

  • Trups CDO defaults stable

    US bank Trups CDO defaults and deferrals remained relatively stable this past month, according to Fitch's latest index results for the sector.

    Defaults remained at 16.9% at the end of last month, while deferrals rose slightly to 15.6% from 15.5%. The increase in the rate of deferrals was due to the addition of two new deferrals from March and April .......

    News Round-up 28 June 2012

  • Pelican calls anticipated

    The likelihood of the Pelican 2 and 3 transactions being called has jumped, following Caixa Economica Montepio Geral's recent tender offer. The bank offered to purchase up to €300m across 10 Portuguese RMBS bonds and one bank capital security via an unmodified Dutch auction.

    In total, it repurchased €144.4m of RMBS bonds and €41.3m of the bank capital security. Of .......

    News Round-up 28 June 2012
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